FET breaks key resistance: Can it cross $3 by year-end?

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  • FET holders bagged profits as the token’s bullish patterns drove momentum.
  • Reduced selling pressure and rising Open Interest signaled the potential for further gains.

As a seasoned analyst with over two decades of experience in the crypto market, I’ve witnessed numerous bull runs and bear markets. The current momentum surrounding Artificial Superintelligence Alliance [FET] is reminiscent of some of the most promising altcoins I’ve encountered during my career.

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The Artificial Superintelligence Alliance (FET) has seen significant progress during this uptrend in altcoins, as 82% of its holders are currently enjoying profits at the present price level.

The altcoin has thrived under favorable market circumstances and robust technical configurations, indicating an increase in investor trust.

These profits are backed up by a substantial decrease in the demand to sell, which is shown by the small net deposits into exchanges relative to their 7-day average.

A smaller number of deposits on exchanges implies that more investors are choosing to hold onto their positions, creating a robust foundation for future price growth.

The decreased selling activity has allowed FET to maintain its upward trajectory.

FET’s Open Interest surges

Enthusiasm for FET is rising even more due to the significant increase in Open Interest. This measure has reached its peak since March’s end, a time when the token attained its all-time high. This suggests an upsurge in trader involvement and frequently serves as a bullish market indicator.

As selling pressure decreases and interest in cryptocurrencies grows, it seems that Fantom (FET) is gearing up for a possible price surge.

Breaking key resistance at $1.85

FET’s technical performance has been impressive. The Ethereum-based token recently broke out of a bullish pennant pattern, moving past the critical resistance level of $1.85.

Breakouts like these frequently indicate the start of a substantial price increase. The next notable barrier is set at $3.45, leading some experts to wonder if FET might surpass the $3 threshold before the year’s end.

Read Artificial Superintelligence Alliance [FET] Price Prediction 2024-25

The combination of robust on-chain statistics and optimistic technical trends makes FET an outstanding choice among alternative cryptocurrencies.

Previously mentioned factors such as decreased demand for selling, increased anticipation, and a recent surge suggest that there could be more upward movements to come.

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2024-12-07 03:03